The Render Network saw notable performance last month after completing its token rebrand. The bullish rally was halted in August due to market pullbacks, sending the cryptocurrency’s price below $4.
However, the most recent performance saw the price skyrocket by more than 33% in the past week. Some analysts believe there is a catalyst that could drive the price to a massive pump in the coming days.
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RENDER shoots up 30% in 7 days
After the rebrand, AI token RENDER saw a massive 140% increase in daily trading volume. The price rose almost 20% towards the $7 resistance level, which is considered a “great buying opportunity” for some investors and analysts.
Nevertheless, crypto market downturns hampered the token’s performance, causing it to fall more than 27% at the start of the month. Over the next few weeks, RENDER moved sideways between the $4.3-$5 price range, but started gaining momentum over the past seven days.
The cryptocurrency recorded remarkable price action, rising 33% last week. RENDER’s pump pushed the price above the $5 range, resulting in the retest and breakout of the declining upper trendline of the multi-month downtrend.
The bullish momentum continued as the token retested and successfully regained the $6 resistance level. As a result, the token saw a 50% price increase this weekend and has been trading between the $6-6.5 price range since its jump.
Despite this, the token registers a mild decline of 2.8% in the past 24 hours and is currently trading at $5.95, seemingly fueled by the latest market pullback.
NVIDIA’s Report: The Catalyst for a Massive Rally?
Several market watchers predicted that the token could see a massive pump in the coming days. RENDER, like most of the AI token sector, jumped ahead of NVIDIA’s second-quarter earnings report, some analysts noted.
In the past week, cryptocurrencies such as FET, AGIX and OCEAN have seen increases of 46.2%, 53.9% and 46.3% respectively. Trader and Investor Crypto Rand urged investors should “keep a close eye on $NVDA’s results” as they could be the “catalyst” for a massive rally. He also suggested that RENDER “consolidated nicely after the outbreak.”
Similarly, NoBSCrypto podcast host Kyren says considers that investors should be optimistic about the upcoming report. The NVIDIA Q2 earnings report is scheduled for Wednesday, August 28 and could be “the PERFECT catalyst” for Render’s break above the $6.5 level.
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Kyren highlighted that the token has been in a bearish wedge pattern for several months, losing more than 55% of its all-time high price (ATH). According to the post, RENDER could benefit from its “close ties with NVIDIA,” which could likely show “some more correlation, just like before.”
A positive impact from the report could propel the cryptocurrency to a $10 target before heading to new highs. However, other market watchers believe that a withdraw to the $5.2 range could come before the bullish rally.
Featured image from Unsplash.com, chart from TradingView.com